Russian banks talked about the future of deposit rates

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Most Russian banks are not going to raise deposit rates in the near future, some are planning to offer citizens spring shares, RIA Novosti reported on February 28, citing credit organizations.

According to the agency, Rosselkhozbank, OTP and Alfa Bank raised deposit rates in February. Otkritie Bank said that they also offered customers a deposit with an increased rate.

Seasonal offers were launched by Novikombank and Uralsib. Spring and promotional deposits are prepared by St. Petersburg, Sovcombank and Promsvyazbank (PSB).

Bank “Dom.RF” is also going to change the rates for the main line of retail deposits. According to the director of retail products of the bank, Evgeny Shitikov, a scenario with an increase in rates by 0.2-0.5 percentage points is currently being considered, which reflects the market situation.

They did not rule out an increase in interest rates at the MinBank.

A number of other organizations, including RNKB, Russian Standard, Zenit, Ak Bars, SMP-Bank and Uralsib, do not plan to raise deposit rates in the near future.

VTB reported that maintaining the key rate of the Central Bank remains “a trigger for maintaining the current level of rates on the market.”

Home Credit Bank explained that in addition to the refinancing rate, they are guided by the market and the economic situation in general. According to his forecasts, interest rates on deposits will grow smoothly throughout the year, which is primarily due to the decision of the Bank of Russia to end the period of easing monetary policy against the background of achieving a balance of disinflationary and pro-inflationary factors, said the bank’s analyst Stanislav Duzhinsky.

Sberbank indicated that it does not comment on changes in the terms of the products until their official entry into force.

Earlier, the Central Bank of the Russian Federation kept its key rate at 4.25% per annum for the fourth time in a row. At the same time, on February 19, the head of the Central Bank Elvira Nabiullina allowed an increase in the key rate in 2021. At the same time, a decrease in the rate, according to the head of the regulator, is possible only if disinflation factors prevail in Russia.